What Happens if You Don't Pay a Payday Loan?
Payday Loans > Payday Loan Articles > Article: What Happens if You Don't Pay a Payday Loan?Payday loans can be an easy way to get quick cash, but they should be used sparingly and repaid immediately. Otherwise, there could be trouble.
Some would ask the question: What happens if you don't repay a payday loan? High interest rates and other penalties are assessed if repayment is not made within the agreed upon time. Generally because the amount of a payday loan is small (less than $500) it would be unlikely that you would be sued, as it is just not worth the time and money it would cost to sue you.
As with any other loan that is not repaid, you will be contacted by the company themselves advising you the loan is late and needs to be paid, you can be turned over to a collection agency who will attempt to collect the loan, it will be noted on your credit report that the loan is outstanding and it could have an impact on securing a loan in the future.
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